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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.20%, Hang Seng +2.46%, Shanghai Composite +0.11% as of 04:10 ET

Mar 18 ,2025

  • Synopsis:

    • Asian equities strengthened Tuesday for the third straight session. Hang Seng led China markets with tech index outperforming, up nearly 4% while Xiaomi (1811.HK) and Tencent (700.HK) set to report earnings. Japan also saw sizable gain after Berkshire Hathaway raised its stake in country's biggest trading houses. Taiwan, Australia and Korea saw milder gains. India trading higher for the second day. Meanwhile Indonesia markets plunged most since 2011 to 3.5-year low, sparking trading halt amid growing concerns about its economy. US futures edging down. Treasury yields little changed ahead of FOMC meeting. Dollar at two-week high against yen, also stronger against won. Crude rose for third day, while gold hit new all-time high. Bitcoin weaker.

    • Quiet session with few new catalysts. China's tech-led outperformance and contrast with US remains a focus as analysts pointed to Beijing's market-friendly tone providing more favorable backdrop for China stocks. On central banks, US Fed expected to hold rates steady on Wednesday with greater focus on updated SEP and Powell's press conference for future trajectory. For BOJ, leading consensus polls showed expectations of no change monetary policy at the March 18-19 MPM were virtually unanimous. Nothing incremental from RBA Assistant Governor Hunter, who noted risks from US policy settings a key focus for RBA. Bank Indonesia widely expected to hold rates steady Wednesday, prioritizing rupiah stability. Indonesia also denied rumor that finance minister is resigning.

    • More press focus on next week's China Development Forum where global business leaders set to meet President Xi. President Trump again said Xi to visit US in near future, though no confirmation from Beijing. More on US-China geopolitical tensions, Chinese authorities said to scrutinize CK Hutchison's (1.HK) sale of its overseas port businesses while Hong Kong leader Lee said city opposes use of coercion in trade.

    • BYD (1211.HK) unveiled line-up of EVs supported by ultra fast-charging that almost matches time to refuel ICE vehicle. NIO (9866.HK) and CATL (300750.CH) signed strategic partnership to create world's largest passenger car battery swap network. CATL also advancing a strategic investment of up to CNY2.5B in NIO Energy. Hanwha (000880.KS) has taken 9.9% stake in Austal (ASB.AU) and applied to increase its holding to 19.9% as it aims to strengthen foothold in global warship market.

  • Digest:

    • Mainland China portfolio inflows surge to record in February:

      • Bloomberg cited SAFE data showing foreign inflows into mainland China securities jumped to a record $228.1B in February. Noted net flows including outbound investments swung to an inflow for the first time since September. MSCI China index up 23% YTD on the back of tech innovation and President Xi's push for economic growth, in contrast to 3.5% declines in S&P 500. Flow data fit with an increase in foreign holdings of China government bonds for the first time in six months, according to Chinabond figures. Developments confirm brokerage reports indicating renewed interest in China equities sparked by DeepSeek emergence and Xi's recent meeting with tech business leaders. Earlier discussions suggested investors reallocating funds back into China and out of other markets such as Japan and India. Recall leading signals came from last month's BofA FMS where China allocations rebounded and AI/semis theme ramped up to a survey high.

    • Focus on which foreign CEOs will attend China Development Forum:

      • Press sources indicated the China Development Forum (CDF) will be held March 23-24, attracting scores of international business leaders who may later meet with President Xi on 28-Mar (FT, Reuters, Bloomberg). Invitee list yet to be finalized as many CEOs were reluctant to stay in Beijing for the whole week. Event overlaps with a busy schedule with some likely to attend the Boao Forum in Hainan province March 25-28, as well as the HSBC Global Investment Summit in Hong Kong March 25-27. Recalled Xi held a surprise meeting with about 20 American CEOs at last year's event, allaying concerns about US-China decoupling. Invitees this year expected to come from a wider range of countries including the UK and Europe. Some thoughts that US representation will be low-key given American scrutiny on investment in China. Micron (MU) and AMD (AMD) notably absent in the draft agenda despite having attended last year. Also, US firms on Beijing's radar such as Google (GOOGL), Illumina (ILMN), PVH (PVH) and Walmart (WMT) not on the list. CDF organizers said a list of attendees for this year's forum will be released later this week. Meanwhile, US President Trump repeated signals that Xi will visit the US soon for bilateral talks (Reuters).

    • China set to tighten export curbs on EV battery, chip material technology:

      • Nikkei reported China is poised to intensify trade restrictions on technology used to make materials for EV batteries and semiconductors in a bid to maintain its competitive advantage against the US. Prior export restrictions targeted the base materials such as gallium and tungsten. New curbs will apply to production technology for gallium used in semiconductors and cathode materials for lithium-ion batteries. Domestic firms looking to move knowhow overseas would need permission from the Ministry of Commerce. The ministry ended its public comment period in February, opening the door for authorities to soon impose the new restrictions. China possesses 90% global market share in these two products and also leads in production processes. Curbs on cathode materials aimed at technology required to extend the driving range of EVs. China commercial use is in the early stages, expected to become widespread among battery makers from around year-end. For gallium, Chinese refiners have developed a new method to enhance purity. Article noted actions come in response to global expansion among Chinese producers. Thinktank noted Western countries are known to request sharing of core technology when allowing battery-related firms to operate on shore.

    • Europe rearmament push propelling Asian defense stocks to fresh highs:

      • Europe's rearmament pledge continues to propel Asian defense stocks to record highs. German political parties broke deadlock last week in agreeing to a €500B infrastructure package, providing fresh momentum behind Asian defense stocks. While President Trump has ramped up pressure on Europe to lift defense spending as a percentage of GDP to 5%, region's current production constraints leave countries like South Korea in position to benefit from expected ramp in supply contracts. Analysts estimate South Korean firms securing KRW154T ($106B) of orders, amounting to 25% of total weapons spending by ex-US western countries, leveraging their ability or produce at scale compared to Europe (FT). Japan also expected to take advantage of increased demand for defense hardware after government relaxed arms export rules at end of 2023. Japan recently passed record defense budget for current fiscal year, though Trump's pick for Pentagon policy chief Elbridge Colby urged government to lift its target to at least 3% from 2%.

    • Street Takeaways: Jan-Feb China activity data

      • Economist takeaways from the China activity data were positive on the better-than-expected results. However, overall sentiment remained cautious given mixed dynamics. Manufacturing outlook subdued by softer exports, while higher unemployment poses downside risks to consumer demand. The consumption plan announced over the weekend was viewed as incremental. Relative improvements in housing sales contrasting with weakness in construction starts. Still no calls for a property recovery this year and prospects remain limited to narrowing declines. GDP forecast implications were mostly limited with only JPMorgan upgrading Q1 growth and now sees 2025 growth of 4.6% vs prior 4.3% in a sign the floor may have risen somewhat. Broader attention on expected softening in sequential momentum; most still anticipate slower growth in Q1 with a unanimous outlook for Q2 driven mainly by tariff impacts as well as waning support from the consumer goods trade-in program and payback for export front-loading. With 2025 forecasts remaining around the mid-4% range, they still see the government growth target of around 5% as ambitious which requires more stimulus to achieve. In light of recent policy guidance, some maintaining hopes for further announcements in H1.

    • Notable Gainers:

      • +10.5% 2359.HK (WuXi AppTec): reports FY earnings with revenue CNY39.24B vs FactSet CNY39.19B

      • +8.9% 9866.HK (NIO Inc): NIO, CATL enter strategic partnership agreement on battery swapping network; CATL is advancing an investment of up to CNY2.5B in Nio Power

      • +4.7% 000975.CH (Shandong International Gold): reports FY results with revenue ahead of FactSet estimates

      • +4.3% 6506.JP (YASKAWA Electric): upgraded to high-conviction outperform from outperform at CLSA; firm cites factors including company's exposure to robotics and SPE/tech equipment

      • +3.6% 000880.KS (Hanwha): company owned by Hanwha Systems and Hanwha Aerospace discloses 9.9% stake in Austal

      • +3.6% 8058.JP (Mitsubishi): Berkshire Hathaway raises stake to 9.67% from 8.31%

      • +3.5% 2454.TT (MediaTek): Google reportedly working with MediaTek on new lower-cost TPU chips for AI

      • +3.1% 8031.JP (Mitsui & Co.): Berkshire Hathaway raises stake to 9.82% from 8.09%

    • Notable Decliners:

      • -3.5% 9501.JP (Tokyo Electric Power Co. Holdings): guides FY revenue ¥6.793T vs FactSet ¥6.853; raises financial assistance requested by ¥176.7B to ¥13.406T

      • -2.8% 1.HK (CK Hutchison Holdings): China reportedly reviewing CK Hutchison Holdings port deal for potential security breaches or antitrust violations

  • Data:

    • Markets:

      • Nikkei: 448.90 or +1.20% to 37845.42

      • Hang Seng: 595.00 or +2.46% to 24740.57

      • Shanghai Composite: 3.63 or +0.11% to 3429.76

      • Shenzhen Composite: 10.37 or +0.49% to 2122.66

      • ASX200: 6.30 or +0.08% to 7860.40

      • KOSPI: 1.65 or +0.06% to 2612.34

      • SENSEX: 904.43 or +1.22% to 75074.38

    • Currencies:

      • $-¥: +0.69 or +0.46% to 149.8950

      • $-KRW: +4.52 or +0.31% to 1448.1700

      • A$-$: 0.00 or 0.00% to 0.6384

      • $-INR: (0.08) or (0.09%) to 86.5779

      • $-CNY: (0.01) or (0.11%) to 7.2249

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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